Shell CEO Peter Voser to Retire in 2014

First-Quarter Profit Rises 3.6%

Royal Dutch Shell PLC said Thursday that Chief Executive Peter Voser will retire next year, bringing a surprisingly early end to a tenure in which the company boosted production but tied up cash in big projects that may not pay off for years.

Mr. Voser will have served five years as chief executive by the time he steps aside next year at age 55. A person with direct knowledge of the situation said Mr. Voser approached Shell's board "saying for personal reasons he wants a change." The board and Mr. Voser agreed...